证券之星消息，9月2日文娱用品板块较上一交易日下跌1.77%，金运激光领跌。当日上证指数报收于 3858.13，下跌0.45%。深证成指报收于12553.84，下跌2.14%。文娱用品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002348 | 高乐股份 | 3.83 | 2.13% | 42.89万 | | 1.64亿 | | 002678 | 珠江钢琴 | 4.59 | -0.86% | 11.49万 | | 5269.89万 | | 001222 | 源飞宠物 | 26.43 | -0.97% | 6.59万 | | 1.75亿 | | 300703 | 创源股份 | 30.88 | -0.99% | 10.11万 | | 3.13亿 | | 6688809 | 晨光股份 | 30.54 | -1.04% | 5.01万 | | 1.53亿 | | 001368 | 通达创智 | 24.58 | -1.09% | 1.65万 | | 4029.88 ...

南财投研通数据显示，9月1日，券商给予上市公司目标价共37次，按最新收盘价计算，目标价涨幅排名居前的公司有珠海 冠宇、皖能电力、富临精工，目标价涨幅分别为54.55%、42.86%、40.28%，分别属于电池、电力、电池行业。 | | | 09月01日目标价涨幅排名 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 最高目标价 | 目标涨幅 | | | | | | (元) | (%) | | 688772 | 珠海冠宇 | 中信证券 | 买人 | 34.00 | 54.55 | | 000543 | 皖能电力 | 中信证券 | 买人 | 10.30 | 42.86 | | 300432 | 富临精工 | 中信证券 | 买人 | 21.00 | 40.28 | | 002585 | 双星新材 | 中信证券 | 买人 | 7.80 | 39.78 | | 301565 | 中仑新材 | 中信证券 | 买人 | 33.00 | 38.36 | | 603337 | 杰克股份 | 中信证券 | 买人 | 66.00 | ...

证券之星消息，9月1日文娱用品板块较上一交易日上涨0.33%，金运激光领涨。当日上证指数报收于 3875.53，上涨0.46%。深证成指报收于12828.95，上涨1.05%。文娱用品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300220 | 光源区光 | 17.95 | 7.16% | 13.32万 | 2.35 Z | | 001222 | 源で宠物 | 26.69 | 5.62% | 10.55万 | 2.77亿 | | 662509 | 舒华体育 | 9.82 | 3.37% | 9.88万 | 9560.07万 | | 300329 | 海伦钢琴 | 13.43 | 3.31% | 16.29万 | 2.19亿 | | 301335 | 大元宠物 | 36.65 | 3.24% | 11.62万 | 4.18亿 | | 001300 | 三柏硕 | 14.15 | 1.87% | 3.44万 | 4824.06万 | | 300651 | 金陵体育 | 22 ...

公 华福证券 司 研 究 晨光股份（603899.SH） IP 和出海战略深化，下半年经营改善可期 司 财 报 点 评 Q2 营收企稳，IP 和出海战略持续推进。公司 1H25 实现收入 108 亿元， 同比-2.2%。分业务，1）传统核心业务：剔除关联交易后 H1 营收同比-7%， 晨光科技 H1 实现营收 5.56 亿元，同比+15.14%，公司坚持全渠道布局，线 下聚焦重点终端开展单店质量提升、推动重点品类在终端的有效上柜，通 过终端排面的优化，促进终端产品的动销，提升商圈占比，扩大市场份额。 公司 H1 实现境外营收 5.6 亿元，同比+15.9%，持续扩大非洲及东南亚市场。 2）办公直销业务：H1 科力普实现营收 61.3 亿元，同比+0.2%，保持战略 定力、业务稳定向好。3）零售大店业务：H1 零售大店实现营收 7.8 亿元， 同比+7%，其中九木杂物社营收 7.6 亿元，同比+9.5%，截止期末公司在全 国拥有超 830 家零售大店。分产品，H1 书写工具、学生文具、办公文具、 其他产品营收分别同比-0.2%、-8.5%、-8.5%、+6.8%，其中核心品类书写 工具、学生文具单价保持提升，I ...

证券研究报告 晨光股份 (603899 CH) 综合毛利率保持稳定，期间费用率同增 1.0pct 25H1 公司综合毛利率 19.4%/同比基本持平。费用端，25H1 期间费用率 13.3%/同比+1.0pct，其中销售费用率 8.2%/同比+0.8pct，主要是线上线下 营销投入及渠道建设费等增加所致；管理费用率 4.3%/同比持平；研发费用 率 0.9%/同比持平；财务费用率-0.1%/同比+0.1pct，主要是因为上半年利息 收入较去年同期有所减少。综合影响下，25H1 归母净利率 5.2%/同比 -0.6pct。 传统业务有待恢复,积极推进 IP 赋能 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 29 日│中国内地 | 消费轻工 | 目标价(人民币): | 36.96 | 公司公布上半年业绩：收入 108.09 亿元/同比-2.2%；归母净利润 5.57 亿元 /同比-12.0%，扣非归母净利润 4.62 亿元/同比-18.6%。其中二季度公司实 现收入 55.6 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a focus on growth strategies and potential recovery in profitability, indicating a positive outlook for investors [1][5]. Core Viewpoints - The company reported a revenue of 10.809 billion yuan in H1 2025, a year-over-year decrease of 2.19%, and a net profit of 557 million yuan, down 11.97% year-over-year [1][2]. - Traditional core business is under pressure, but the company is actively pursuing IP product development and expanding its online channels, which have shown promising growth [2][3]. - The company is transitioning from being a "functional provider" to an "emotional value provider" by enhancing product competitiveness and embracing the IP economy [2][3]. Financial Performance Summary - In H1 2025, the traditional core business (manufacturing and sales of educational and office supplies) generated approximately 4.026 billion yuan in revenue, a decline of 7% year-over-year [2]. - The revenue breakdown for H1 2025 includes writing tools at 1.136 billion yuan, student stationery at 1.435 billion yuan, and office supplies at 1.607 billion yuan, with respective year-over-year changes of -0.16%, -8.52%, and -8.48% [2]. - The overall gross margin for H1 2025 was 19.45%, showing a slight increase of 0.04 percentage points year-over-year [4]. Business Segment Performance - The KOLIP business achieved revenue of 6.129 billion yuan in H1 2025, with a slight year-over-year increase of 0.15%, while the retail store segment generated 779 million yuan, up 6.98% year-over-year [3]. - The company has over 830 retail stores, with the "Nine Wood Miscellaneous Society" brand contributing significantly to revenue and membership growth [3]. Future Outlook - The company expects to see gradual recovery in profitability as it enhances its IP and high-end product offerings and optimizes its channel structure [4]. - Profit forecasts for 2025-2027 indicate net profits of 1.52 billion, 1.70 billion, and 1.89 billion yuan, with corresponding P/E ratios of 19.0X, 17.1X, and 15.4X [5][6].

8月28日，晨光股份跌2.8%，截至发稿，报30.54元/股，成交3.06亿元，换手率1.08%，总市值281.26亿 元。晨光股份股价已经连续3天下跌，区间累计跌幅5.68%。 截至发稿，李蕤宏累计任职时间1年167天，现任基金资产总规模2101.73万元，任职期间最佳基金回报 15.61%， 任职期间最差基金回报2.37%。 关山累计任职时间9年89天，现任基金资产总规模10.85亿元，任职期间最佳基金回报106.12%， 任职期 间最差基金回报-34.65%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，融通基金旗下1只基金重仓晨光股份。融通新消费灵活配置混合（002605）二季度持有股数 4.85万股，占基金净值比例为6.69%，位居第二大重仓股。根据测算，今日浮亏损失约4.27万元。连续3 天下跌期间浮亏损失8.92万元。 融通新消费灵活配置混合（002605）成立日期2016年5月27日，最新规模2101.62万。今年以来收益 ...

► 按渠道分拆：九木持续拓店，晨光科技表现较好，科力普回正 证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 28 日 [Table_Title] 持续推进品牌出海，IP 转型赋予新活力 [Table_Title2] 晨光股份(603899) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 603899 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 38.95/25.01 | | 目标价格： | | 总市值(亿) | 289.37 | | 最新收盘价： | 31.42 | 自由流通市值(亿) | 289.37 | | | | 自由流通股数(百万) | 920.97 | [Table_Summary] 事件概述 晨光股份发布 2025 中报：2025H1 公司实现收入 108.09 亿元，同比-2.19%；实现归母净利 5.57 亿元，同比- 11.97%；扣非归母净利 4.62 亿元，同比-18.63%。单季度看，2025Q2 实现营收 55.64 亿元，同比-0.04%，归母 净利润 ...

Core Insights - The company reported a revenue of 10.808 billion yuan for the first half of 2025, a decrease of 2.19% year-on-year, and a net profit attributable to shareholders of 557 million yuan, down 11.97% year-on-year [1][2][3] - The traditional core business, which includes writing tools and student stationery, faced significant challenges, with revenue of 4.026 billion yuan, a decline of 7.18% year-on-year [1][3] - The company is adapting to changes in consumer preferences by embracing collaborations with popular IPs and focusing on emotional value in its products [4][6] Financial Performance - Total revenue for the first half of 2025 was 10.808 billion yuan, compared to 11.051 billion yuan in the same period last year, reflecting a decrease of 2.19% [2] - The total profit for the period was 726.6 million yuan, down 11.70% from 822.9 million yuan year-on-year [2] - The net profit attributable to shareholders decreased to 557.2 million yuan, down 11.97% from 632.9 million yuan [2] - The net cash flow from operating activities was 654.1 million yuan, a decline of 10.88% year-on-year [2] Business Strategy - The company is shifting its strategy from being a "functional provider" to an "emotional value provider," targeting younger consumers who seek emotional connections through products [4][6] - New retail store formats, such as Jiuwu Zawush and Chenguang Life Hall, have shown growth, with a combined revenue of 779 million yuan, up 6.98% year-on-year [1][6] - Jiuwu Zawush generated 756 million yuan in revenue, reflecting a growth of 9.48% [6] Industry Context - The overall revenue of the educational and office supplies manufacturing industry is projected to decline by 1.6% in 2024, influenced by product homogenization and intense price competition [3] - The company faces challenges from changing consumer demographics, with a focus on personalized products driven by younger generations [3]

每经AI快讯，晨光股份8月28日发布公告称，公司第六届第十三次董事会会议于2025年8月27日以现场 结合通讯表决方式召开。会议审议了《关于修订 <董事会审计委员会工作细则> 的议案》等文件。 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ （记者 张喜威） ...